New Capital Management LP's Q1 2025 13F: 4 new positions, 5 exits
Form 13F-HR for the quarter ended Mar 31, 2025 · filed Apr 29, 2025 · 50 reported positions · accession 0001696731-25-000005
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| New | BLACKROCK ETF TRUST II (BINC) | — | 3.3% | +3.3 pts | +219K sh | new |
| New | RBB FUND TRUST (EBI) | — | 2.9% | +2.9 pts | +214K sh | new |
| Reduced | ISHARES TR (STIP) | 3.1% | 1.5% | −1.7 pts | −57,144 sh | −54% |
| Reduced | ISHARES TR (AGG) | 3.7% | 2.1% | −1.6 pts | −57,678 sh | −44% |
| Reduced | DIMENSIONAL ETF TRUST (DFAC) | 29.9% | 26.4% | −3.5 pts | −169K sh | −6% |
| Increased | ISHARES TR (TFLO) | 1.3% | 2.7% | +1.4 pts | +101K sh | +118% |
| New | ISHARES BITCOIN TRUST ETF (IBIT) | — | 1.3% | +1.3 pts | +93,820 sh | new |
| Increased | BERKSHIRE HATHAWAY INC DEL (BRK-B) | 14.2% | 17.6% | +3.4 pts | +8,036 sh | +8% |
| Reduced | DIMENSIONAL ETF TRUST (DFCF) | 2.9% | 1.7% | −1.2 pts | −97,283 sh | −40% |
| Increased | J P MORGAN EXCHANGE TRADED F (JPST) | 0.5% | 1.4% | +0.9 pts | +64,846 sh | +208% |
| Reduced | ISHARES TR (SHV) | 0.9% | 0.1% | −0.9 pts | −27,663 sh | −94% |
| Reduced | ISHARES TR (SHY) | 0.9% | 0.1% | −0.8 pts | −31,924 sh | −89% |
| Reduced | VANGUARD BD INDEX FDS (BSV) | 0.9% | 0.1% | −0.8 pts | −33,259 sh | −88% |
| Reduced | DIMENSIONAL ETF TRUST (DFGR) | 2.3% | 1.6% | −0.7 pts | −98,055 sh | −32% |
| Increased | DIMENSIONAL ETF TRUST (DFAX) | 15.9% | 16.9% | +1.0 pts | +62,978 sh | +3% |
| Reduced | ISHARES TR (IAGG) | 1.9% | 1.4% | −0.5 pts | −29,434 sh | −23% |
| Reduced | VANGUARD BD INDEX FDS (VUSB) | 0.6% | 0.2% | −0.4 pts | −27,147 sh | −69% |
| Reduced | APPLE INC (AAPL) | 6.1% | 5.0% | −1.1 pts | −4,210 sh | −5% |
| Reduced | DIMENSIONAL ETF TRUST (DFSU) | 3.8% | 3.2% | −0.5 pts | −25,624 sh | −8% |
| Increased | DIMENSIONAL ETF TRUST (DFSI) | 1.5% | 1.8% | +0.3 pts | +25,131 sh | +16% |
| Reduced | PEPSICO INC (PEP) | 2.6% | 2.3% | −0.3 pts | −5,209 sh | −9% |
| Reduced | AMAZON COM INC (AMZN) | 0.5% | 0.2% | −0.3 pts | −3,731 sh | −46% |
| Increased | J P MORGAN EXCHANGE TRADED F (JMST) | 0.4% | 0.6% | +0.2 pts | +13,879 sh | +50% |
| New | VANGUARD INDEX FDS (VTI) | — | 0.2% | +0.2 pts | +1,983 sh | new |
| Exited | INVESCO QQQ TR (QQQ) | 0.1% | — | −0.1 pts | −910 sh | −100% |
| Exited | VANGUARD INDEX FDS (VOO) | 0.1% | — | −0.1 pts | −852 sh | −100% |
| Exited | HOME DEPOT INC (HD) | 0.1% | — | −0.1 pts | −779 sh | −100% |
| Reduced | MICROSOFT CORP (MSFT) | 1.0% | 0.8% | −0.2 pts | −698 sh | −9% |
| Increased | DIMENSIONAL ETF TRUST (DFSE) | 0.6% | 0.7% | +0.1 pts | +7,049 sh | +11% |
| Exited | THERMO FISHER SCIENTIFIC INC (TMO) | 0.1% | — | −0.1 pts | −433 sh | −100% |
| Exited | CSX CORP (CSX) | 0.1% | — | −0.1 pts | −6,453 sh | −100% |
| Reduced | EXXON MOBIL CORP (XOM) | 0.1% | 0.1% | 0.0 pts | −1,472 sh | −32% |
| Reduced | MASTERCARD INCORPORATED (MA) | 0.3% | 0.3% | 0.0 pts | −163 sh | −8% |
| Reduced | META PLATFORMS INC (META) | 0.3% | 0.3% | 0.0 pts | −103 sh | −6% |
| Reduced | ALPHABET INC (GOOG) | 0.2% | 0.1% | 0.0 pts | −215 sh | −7% |
| Reduced | ALPHABET INC (GOOGL) | 0.2% | 0.1% | 0.0 pts | −215 sh | −7% |
| Increased | VANGUARD INTL EQUITY INDEX F (VT) | 0.4% | 0.4% | 0.0 pts | +201 sh | +2% |
| Reduced | ISHARES TR (AOR) | 0.2% | 0.1% | 0.0 pts | −247 sh | −3% |
| Increased | ISHARES U S ETF TR (NEAR) | 0.1% | 0.1% | 0.0 pts | +269 sh | +5% |
| Increased | ISHARES TR (ICSH) | 0.2% | 0.2% | 0.0 pts | +264 sh | +2% |
| Reduced | ISHARES TR (AOA) | 0.1% | 0.1% | 0.0 pts | −144 sh | −4% |
| Increased | ISHARES TR (SGOV) | 0.1% | 0.1% | 0.0 pts | +33 sh | +1% |
| Reduced | BROADCOM INC (AVGO) | 0.1% | 0.1% | 0.0 pts | −3 sh | 0% |
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 82.5% of the equity book
Changes in the top 10 this quarter: BINC entered · EBI entered · TFLO entered · STIP left · DFCF left · DFGR left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | DIMENSIONAL ETF TRUST (DFAC) | 29.9% | 26.4% | |
| 2 | BERKSHIRE HATHAWAY INC DEL (BRK-B) | 14.2% | 17.6% | |
| 3 | DIMENSIONAL ETF TRUST (DFAX) | 15.9% | 16.9% | |
| 4 | APPLE INC (AAPL) | 6.1% | 5.0% | |
| 5 | BLACKROCK ETF TRUST II (BINC) | 0.0% | 3.3% | Entered the top 10 |
| 6 | DIMENSIONAL ETF TRUST (DFSU) | 3.8% | 3.2% | |
| 7 | RBB FUND TRUST (EBI) | 0.0% | 2.9% | Entered the top 10 |
| 8 | ISHARES TR (TFLO) | 1.3% | 2.7% | Entered the top 10 |
| 9 | PEPSICO INC (PEP) | 2.6% | 2.3% | |
| 10 | ISHARES TR (AGG) | 3.7% | 2.1% | |
| — | ISHARES TR (STIP) | 3.1% | 1.5% | Left the top 10 |
| — | DIMENSIONAL ETF TRUST (DFCF) | 2.9% | 1.7% | Left the top 10 |
| — | DIMENSIONAL ETF TRUST (DFGR) | 2.3% | 1.6% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).